BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ana has the following data for 2018 the taxable year. Gross sales P2, 850, 000 Collections 1, 420, 000If Ms. Ana is a seller of goods, her business tax for the year should be
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42, 600 OPT
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85, 500 OPT
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170, 400 OPT
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342, 000 OPT
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Explanation:
Detailed explanation-1: -Tax rates for income subject to final tax For non-resident aliens not engaged in trade or business in the Philippines, the rate is a flat 25%.
Detailed explanation-2: -The matter is clear enough for jeepneys, taxis, and buses issued CPCs or Certificates of Public Convenience. Tax regulations dictate that CPC holders are “common carriers” and are therefore subject to the 3% common carriers tax (CCT) under Section 117 of the Tax Code.
Detailed explanation-3: -All goods and properties (except those specifically exempt), including those subject to excise tax, sold, bartered or exchanged are subject to a 12% VAT based on the gross selling price152 or gross value in money.
There is 1 question to complete.